Saudi Arabia’s sovereign wealth fund has emerged as the frontrunner to buy a minority stake in Kuwaiti conglomerate Alshaya Group’s Starbucks Corp franchise, according to people familiar with the matter. The $620bn Public Investment Fund is leading a consortium of investors vying for a stake in the business and could reach an agreement in the coming weeks, the people said, asking not to be named because the information is private. Private equity firms may invest in the company’s debt alongside the PIF, one of the people said. Alshaya, which is working with JPMorgan Chase & Co, had indicated they valued the business at $15bn but prospective buyers expected bids to value it closer to around $
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